Buyers continue to snap up homes in the west part of the city at a rapid pace, a trend that started as far back as 2016 but has picked up speed ever since.
Sales in the Sunset and Parkside escalated during Covid as the need for private space and yards increased. The average two-bedroom house in the Sunset/Parkside is now $1.6M, with three bedrooms clocking in at $1,741,000. Continue Reading
Wildfire season is an unfortunate reminder of how important it is to carry sufficient dwelling insurance on your home. Many homeowners often discover that they don’t have sufficient insurance coverage to cover rebuilding costs. In fact, more than half of homes across the United States are underinsured by 21%. I’d like to make sure my readers aren’t among those in that category.
Your dwelling insurance is the centerpiece of your policy. The coverage amount represents how much it would cost to rebuild your home. In San Francisco—and probably The Bay Area in general—we’re looking at $500 per square foot in average construction costs. So a 1,500-square foot single-family home should technically have a total of $750,000 in dwelling coverage. Continue Reading
It’s an opportune moment to purchase a below-market rate (BMR) condo, as competition is slim and inventory available.
The San Francisco Mayor’s Office of Housing and Community Development offers first-time home buyers a below-marke trate (BMR) condo program that spans a variety of neighborhoods. The benefit? Pay a mortgage instead of rent, and build a bit of equity.
The program has strict eligibility requirements, and typically involves a lottery for each available condo. However, the SF population exodus over the past year has narrowed down the BMR buyer pool. So there’s a number of “First Come, First Served” listings for which you can apply once approved. Continue Reading
Bernal Heights is having a banner year in 2021 so far. The ever-popular neighborhood and its eight microhoods have seen competitive offer situations, overbidding and lots of turnover in this Covid era as buyers aim to move into single-family homes with more privacy and outdoor space.
The Northwest Slope and Precita Parks have had the highest median prices, with South of Cortland coming in third. And inventory has jumped West of Mission to meet buyer demand.
It’s high time for a microhood update. As my regular readers know, I created the Bernal Heights microhoods back in 2014 to help prospective buyers and sellers get a more refined sense for single-family home values in the neighborhood’s distinct geographical areas. Many Realtors have decided to use the microhood concept in their marketing without crediting me, so if you want to work with the authentic microhood creator, please get in touch with me at 415.823.4656 | eileen@insidesfre.com.
Here’s how our microhoods stacked up in the first half of 2021 (click on each pic to enlarge, red dots represent homes sold):
1. Northwest Slope
Single-Family Home Median Price: $2,000,000
Most Expensive: 128 Elsie (4BR/4.5BA new construction | $4,000,000)
Least Expensive: 13 Eugenia (2BR/1BA 1148 sq ft, no pkg | $1,450,000)
# Homes Sold: 12
# Overbids Above 20%: 1
The Northwest Slope saw most homes sell for over the list price, which was especially true in the case of the 3BR/2BA home at 252 Elsie. The peaked-roof Victorian with no garage was listed for $1,398,000 and sold for $1,820,000—30% over asking. Continue Reading
If you’re intending to purchase a property in 2021, it’s important to note what documentation you’ll need to provide to the lender in order to get loan approval.
Many prospective buyers cringe at the thought of pulling together reams of receipts, paystubs, and W-2s. But if you start doing that now, you’ll be ready to go in the event you stumble upon that perfect condo in South Beach. Continue Reading
The San Francisco housing market is roaring into summer, and two things are clear: It’s very much a seller’s market for single-family homes and many condos, and a majority of buyers are submitting non-contingent offers on properties. Continue Reading
I’m happy to report that San Francisco Realtors can once again host public open houses.
Our local Realtor Association announced late last week that we can resume holding opens for the first time since March 2020. We’re required to follow Covid safety protocol that requires all entrants to review and sign an Open House and Showing Guidelines disclosure, which also requires providing basic contact information. Additionally, everyone must still wear masks, use hand sanitizer, practice social distancing and avoid touching surfaces in a property. Continue Reading
Feng shui is a guiding principle for many San Francisco home buyers. The Chinese words “feng” and “shui” translate to mean “wind” and “water,” respectively. This concept derived from an ancient poem that talks about human life being connected and flowing with the environment around it.
If you’re buying or selling a home, it’s a good idea to be aware of what elements constitute unfavorable feng shui. There are some things you can’t change that add up to bad feng shui, such as location. But there are other things that you can alter when it comes to interior design and staging. Continue Reading
You’re thinking about buying a condo in San Francisco, and the first thing on your checklist is loan preapproval. Along with mortgage payments and property taxes, your lender tells you that you need a rough idea of how much your homeowners association dues (HOA) will be. But you don’t know what you’ll be buying, so how are you supposed to know how much the dues will be? Continue Reading
The San Francisco market has come roaring back after the initial Covid slowdown in 2020. We are heading into a robust Spring, and it seems like buyers and sellers are making up for last year’s lost time.
That’s led to very competitive offer situations and high sale prices, particularly for single-family homes and condos in smaller buildings. Most multiple-offer situations end up with a handful of buyers waiving all contingencies (e.g., conditions of the sale) in order to make their offer as attractive as possible to the seller.
But do all buyers realize what’s at stake when they waive all contingencies? Sometimes I’m not so sure. Continue Reading
One of the most expensive items on your home purchase closing statement is title insurance. If you’re getting a loan, the lender will require a policy on the loan. But you may not be required to purchase a homeowner’s policy. Should you skip it?
In a word, no. The owner’s title policy will protect you against future claims against the property. Though the title company does a search through public records prior to the closing, unexpected things can pop up. Without title insurance, you’re flying without a net. Continue Reading
Things are looking up these days, and many home buyers who postponed purchase plans in the wake of Covid are back on track.
You may know how many bedrooms and bathrooms you’d prefer, but are you solid when it comes to neighborhood preferences? There’s a lot to consider—proximity to public transportation, good Walk Scores, easy freeway access, good parks.
But make sure you don’t overlook the astrological angle when putting together your list of preferred neighborhoods. What your zodiac sign says about you could have everything to do with whether you’ll be happy in your future home. And as my company, Corcoran Global Living, always says: “Live who you are.”
So let’s have a little fun and see what the stars have to say about where you should settle:
ARIES (Mar 21-Apr 20): Daring, spontaneous and full of energy, you’ll appreciate constantly developing Mission Bay. The neighborhood bustles with activity from the biotech and medical industries. And the adjacent waterfront offers a variety of activities. Giants/Warriors games and Chase Center concerts will be back in the north-so-distant future, and there are lots of restaurants in the area. Continue Reading
You’ve decided that it’s time to make a move and buy a home in San Francisco. Where do you begin with it all? I’ve been selling real estate in the city since 2002, and have represented many successful buyers. Here’s the advice I gave them when we first met:
Be completely preapproved for a loan. You’ll often be in a competitive offer situation, with buyers waiving contingencies to stand out. Make sure you’ve submitted all required documents to your lender, and consult with him or her to see what latitude you may have when it comes to, for example, waiving a loan or appraisal contingency. Continue Reading
When you’re buying a house in San Francisco, there’s a lot going on. One of the key escrow activities is nailing down your insurance policy and provider. So it’s important to know what you’ll be looking for in terms of coverage level and annual cost.
Here are the main items for comparison that should be standard in your home insurance coverage: Continue Reading
One thing is for certain if you expect to write a competitive offer in the San Francisco market: Get fully preapproved for a loan before you start seeing properties.
Prospective buyers would traditionally chat with a lender rep, get an idea as to what they could afford based on basic financial details and then submit all the financials after getting into contract.
However, that won’t fly in San Francisco—or most of The Bay Area—these days. Limited inventory and high-buyer demand translate into routinely competitive, multiple-offer situations that require short (or no) loan contingency timeframes. Winning offers rarely happen for buyers who need a loan contingency timeframe that accommodates underwriting review of their financials after they go into contract. Continue Reading
415.823.4656
eileen@insidesfre.comDRE# 01352627
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